Pension Follies: NJ Sues Lehman Execs Over $118M Loss
The State of New Jersey sued former executives and directors of Lehman Brothers on Tuesday, contending that fraud and misrepresentation had caused the state's public pension fund to lose $118 million.
The suit, filed in State Superior Court in Trenton, contends that a "thirst for profit" and "simple greed" by the Lehman executives, including the former chief executive Richard S. Fuld Jr., caused the firm to misstate its financial position when the state bought $182 million of Lehman shares in April and June 2008.
Millennium Lyon Asset Management
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posted by Victor Lloyd Smith @ 10:49 AM
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